It Looks Like Bill Ackmann Wants More JCPenney

JC Penney capped its largest shareholders ownership stake at
16.5% last October, but they are easing this restriction,
allowing Ackman's hedge fund to buy up to 26.1% of the department
store,
according to a Reuters report.

JC Penney adopted a policy in October that forbade any
shareholder from gobbling up more than 10% ownership, or for
owners with more 10% or more to buy additional shares. For Bill
Ackman, they made an exception, and now, the fund manager has a
spot on Penney's board.